The centers are: the upscale Patio Higienopolis in Sao Paulo;Paulista in Sao Paulo, generally ranked as one of the top 10centers in the country in terms of sales per square meter; WestPlaza in Sao Paulo, one of the busiest centers in the country, with30 million visitors annually; Botafogo Praia, a vertical centerlocated in one of the most affluent areas in Rio de Janeiro; andVila Olimpia, opening in Sao Paulo in April 2009. Three of thecenters also will undergo expansions by 2009.

"Our malls are strategically located in supply-constrained high-growth markets and provide us with a strong position to continuethe expansion plans of the fund," said Bayard Lucas de Lima, CEO ofBBREP, in the press release announcing the deal. "Its assets servethe wealthiest and most dense population centers in the country,and will allow us to gradually expand to other dynamic markets.Brazil's real estate market is booming, its population is young andgrowing, its economy is expected to grow faster than the developedworld and a mortgage market is only just beginning to bedeveloped."

The acquisition is BBREP's eighth this year and brings its totalshopping center investments to 15 in Brazil since its inception inSeptember 2006. After this acquisition, BBREP will have a totalportfolio of 229.3 thousand square meters (2.5 million squarefeet), one of the largest in the country.